Every weekday the CNBC Investing Club with Jim Cramer holds a “Morning Meeting” livestream at 10:20 a.m. ET. Here’s a recap of Wednesday’s key moments. 1. U.S. stocks climbed Wednesday, rebounding after the market suffered one of its worst sessions in the past year. Equities declined on Tuesday after key inflation data came in hotter than expected for January. The reaction was a surge in bond yields and a delay in when the market thought the Federal Reserve would start cutting interest rates. June is now the betting favorite. Jim Cramer said it was a “needed sell-off” after recent highs. Expect more important inflation data on Friday. 2. The Club is looking to buy more shares of high-quality names after early-week losses. “I’m itching to buy some of them that have been really crushed,” Jim said, citing Starbucks and Stanley Black & Decker. We’ve been sitting on a lot of cash, and waiting for stocks to pull back to capitalize on any weakness. Both companies have solid fundamentals and long-term growth prospects but are underperforming the market year-to-date. 3. Wall Street continues touting Palo Alto Networks on Wednesday. Morgan Stanley expects solid quarterly earnings from the cybersecurity leader, citing positive survey work and channel conversations. However, analysts said they would not be aggressive buyers ahead of next week’s release of fiscal results. That’s because estimates are unlikely to move much higher and the stock’s valuation is already above its historical average. It’s hard to argue with a stock up roughly 25% year to date after more than doubling in 2023. (Jim Cramer’s Charitable Trust is long PANW, SWK, SBUX . See here for a full list of the stocks.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust’s portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours…
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